Social Security at 62 or 70? Here's which age could get you more money

Americans can start claiming Social Security retirement benefits at age 62, the earliest age allowed.

Waiting until age 70 increases monthly payments and gives the average retiree the most lifetime Social Security money, according to USA Today's 2025 calculations.

Claiming before age 70 may cost the average retiree about $182,370 in potential lifetime Social Security income, per a research paper cited by USA Today.

Claiming at 62 may be necessary for those with no other income, but it results in smaller monthly checks.

Life expectancy is a key factor; people who live past 80 typically benefit from waiting until 70, as average life expectancy at 62 is into the 80s.